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DRAFT COMPANIES (REGISTERED VALUERS AND VALUATION) RULES 2017

Corporate Laws / Banking / SEBI - By: - Mr.M. GOVINDARAJAN - Dated:- 2-6-2017 - Valuation by registered valuers Section 247 of the Companies Act, 2013( Act for short) provides for the valuation by registered valuers. Section 247 (1) provides that where a valuation is required to be made in respect of any- property; stocks; shares; debentures; securities; or goodwill or any other assets; or net worth of a company; or the liabilities under the provisions of this act, it shall be valued by a perso .....

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al resolution, whether or not those persons include the persons, referred to in clause (a) or clause (b, either for cash or for a consideration other than cash, if the price of such shares is determined by the valuation report of a registered valuer subject to such conditions as may be prescribed; Section 192(2) - Valuation of Assets Involved in Arrangement of Non cash transactions involving Directors - The notice for approval of the resolution by the company or holding company in general meetin .....

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tion (1), a notice of such meeting shall be sent to all the creditors or class of creditors and to all the members or class of members and the debenture-holders of the company, individually at the address registered with the company which shall be accompanied by a statement disclosing the details of the compromise or arrangement, a copy of the valuation report, if any, and explaining their effect on creditors, key managerial personnel, promoters and non-promoter members, and the debenture-holder .....

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f any; Section 232(3(h) - The Valuation report to be made by the tribunal for exit opportunity to the shareholders of transferor Company -Under the scheme of Compromise/Arrangement in case the Transferor company is Listed Company and the Transferee-company is an unlisted Company; Section 236(2) - Purchase of minority shareholding - The acquirer, person or group of persons under sub-section (1) shall offer to the minority shareholders of the company for buying the equity shares held by such share .....

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submission of report by liquidator; Rules For the purposes of carrying out the provisions of section 247 of the Act, the Government floated draft rules, viz., the Companies (Registered Valuers and Valuation) Rules, 2017 ( Rules for short) for the comments of the stakeholders. The Rules is having 5 chapters, 20 rules and 3 schedules. The rules prescribe- eligibility, qualifications and registration of valuers; recognition of valuation professional organizations; valuation standards; disciplinary .....

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lvency and Bankruptcy Board of India established under the Insolvency and Bankruptcy Code, 2016. Appointment of registered valuer Section 247(1) provides that the registered valuer shall be appointed by the Audit Committee or in its absence by the Board of Directors of that company. Eligibility Any individual shall be eligible to be a registered valuer if he has passed the valuation examination in the three years preceding the date of making an application. If an individual has completed 50 year .....

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nd; he is an undischarged bankrupt, or has applied to be adjudicated as an bankrupt; he is a person of nonresident in India; he has been convicted by any competent court for an offence punishable with imprisonment for a term exceeding 6 months or for an offence involving moral turpitude, and a period of five years has not elapsed from the date of expiry of the sentence. he has been convicted of any offence and sentenced in respect thereof to imprisonment for a period of seven years or more; he i .....

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elapsed from the date of expiry of the sentence. has been convicted of any offence and sentenced in respect thereof to imprisonment for a period of seven years or more; is not a valuer member, holding certificate of practice, of a valuation professional organization; or is not a fit and proper person; it is undergoing an insolvency resolution or bankruptcy process or is an undischarged insolvent; any of its partners have incurred the following disqualifications- if the applicant is a minor; he .....

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a period of seven years or more; he is not a valuer member, holding certificate of practice, of a valuation professional organization; or he isnot a fit and proper person. if majority of its partners practicing in India are not registered valuers; or if none of its partners is a registered valuer for the class of assets, for the valuation of which it seeks to be a registered valuer. Fit and proper person The explanation to Rule 5(1) provides that for determining whether an individual is a fit an .....

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